Regulatory Wrap episode 74: The FCA knows what you did last summer
In Regulatory Wrap for the week to October 31, Jay Hampshire breaks down a speech from the FCA, which reinforces its “do the right thing” motto.
Record C$176 million FINTRAC fine for AML failings
Canada’s anti-money laundering watchdog fined Xelox Enterprises Ltd C$176 million for violating anti-money laundering regulations under the Proceeds of Crime and Terrorist Financing Act.
What can financial services firms learn from the AWS outage?
An outage of Amazon cloud services that impacted thousands of businesses and millions of users has raised serious questions around Big Tech monopolies – and how firms can increase their cyber resilience.
Regulatory Wrap episode 72: FCA’s call to action on financial crime
In Regulatory Wrap for the week to October 10, Jay Hampshire summarizes the FCA’s recent speech encouraging collaboration to fight financial crime.
FCA answers Call of Consumer Duty
The Financial Conduct Authority is updating its Consumer Duty approach to balance consumer protection with reducing compliance burdens on firms. It aims to clarify expectations, support innovation, and ensure fair outcomes.
FCA crypto consultation proposes firms play by conduct and resilience rules
The Financial Conduct Authority is consulting on which minimum rules should apply to cryptoasset firms, particularly regulations governing operational resilience, governance, and the conduct of senior staff.
FCA fines independent traders £280,000 for insider dealing
The FCA has penalized two brothers, working as independent traders, with a large fine and prison sentences for insider dealing. Regulators are not stopping in their pursuit to weed out financial crime, calling on firms to implement the correct surveillance tools.
Are we entering a new era of deregulation?
With regulators shifting focus away from enforcement and emphasizing the benefits of self-reporting early, are we entering a period of deregulation in financial services – and what does this mean for firms?
Regulatory Wrap episode 68: FCA WhatsApp breach survey
In Regulatory Wrap for the week to August 15, Jennie Clarke discusses recent FCA survey results, which found that firms are still grappling with off-channel comms violations.
FCA Survey finds 178 WhatsApp policy breaches, with over 41% from senior staff
A survey of 11 wholesale banks found that 178 breaches of communications compliance policies were reported, despite firms introducing compliance recording and monitoring solutions, and the majority came from senior employees.
FCA and FINRA shift attention to individual accountability with misconduct fines
Regulators are taking a hardline stance on personal conduct and accountability, as shown by the latest FINRA enforcement action against a broker for exam cheating, as well as a £1 million FCA fine against a CEO for “lack of integrity through misleading statements.
